July 24, 2024
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Bitcoin News

Bitcoin Price Nosedives Below Support As Bears Target $25K

Bitcoin’s value has experienced a significant downturn, falling below the $27,000 threshold and trading beneath $26,500 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair sourced from Kraken, a bearish trend line is taking shape, indicating resistance around $26,100. Although the pair may undergo a corrective rebound, potential gains will likely be restricted above $26,200 and $26,400.

Bitcoin’s price has been unable to rally beyond the $27,000 resistance level, resulting in a fresh decline. Breaking below the $26,500 support and the 100-hourly Simple Moving Average, the price has dipped by 5% and even tested the $25,400 support zone. It is consolidating below $26,500 and the 100-hourly Simple Moving Average. Additionally, the hourly chart of the BTC/USD pair reveals the emergence of a bearish trend line alongside resistance close to $26,100.

Bitcoin is currently encountering resistance around the $25,900 mark, near the 23.6% Fibonacci retracement level of the recent drop from the $27,489 peak to the $25,400 low. Subsequently, the next notable resistance lies near the $26,100 level and the trend line. The primary resistance resides around $26,500 or the 50% Fibonacci retracement level of the recent decline from the $27,489 peak to the $25,400 low. Surpassing this level could potentially instigate a substantial upward movement.

The subsequent key resistance to monitor is around $26,700. If Bitcoin breaks and conclusively close above $26,700, it could increase toward $27,200. Further progress beyond the $27,200 resistance zone might propel the price toward the $27,500 resistance area.

However, failure to overcome the $26,100 resistance could result in further downward movement. Immediate support on the downside is located near the $25,400 level, followed by a major support zone around $25,000. A breach below this level might accelerate the price’s decline, potentially leading it toward the $24,500 support in upcoming sessions.

Assessing the technical indicators, the hourly MACD is currently demonstrating an increase in bearish momentum, while the RSI for BTC/USD remains below the 50 level.

Bitcoin has witnessed a sharp decline, falling below significant support levels. Although the price may experience a corrective rebound, further gains could be limited. On the downside, immediate support is $25,400, with a significant support zone around $25,000. Conversely, breaking resistance levels at $26,100, $26,500, and $26,700 could pave the way for a potential upward movement toward $27,200.